Ministry of Trade, Industry and Energy

Korea to formulate & amend 1,971 KS in line with digital transition

The Korean Agency for Technology and Standards (KATS), an organization affiliated with the Ministry of Trade, Industry and Energy (MOTIE), held the Industrial Standards Council (“Council”) meeting on May 10 at the JW Marriott Seoul, announcing that 11 ministries will formulate and amend 1,971 Korean Industrial Standards (KS) through 43 technology council meetings this year. The Council is composed of 52 experts from relevant industry, academia, R&D and consumer groups and is the date2023-05-12

Korea and Hungary discuss measures to strengthen trade & industrial cooperation

Trade, Industry and Energy Minister Lee Chang-yang met with Speaker of the National Assembly of Hungary László Kövér on May 8 in Seoul to discuss measures for expanding trade, investment, industrial technology, nuclear energy cooperation, as well as the EU’s Foreign Subsidies Regulation (FSR) and Battery Regulation. Trade between Korea and the EU continues to increase despite the global economic slowdown, reaching an unprecedented USD 7 billion last year. Noting date2023-05-11

MOTIE to participate in the 3rd round of IPEF negotiations

Trade, Industry and Energy Ministry’s Deputy Minister for FTA Negotiations Roh Keon-ki is heading the Korean delegation in the third round of negotiations of the Indo-Pacific Economic Framework for Prosperity (IPEF) held through May 8-15 in Singapore. This round of negotiations is regarded as an important stepping stone in making tangible progress on the four IPEF Pillars (trade, supply chain, clean economy, fair economy). For supply chain (Pillar II), the discussions on resiliency, prod date2023-05-10

Trade Minister chairs bioeconomy conference to discuss BEPA

Minister for Trade Dukgeun Ahn chaired a conference on May 3 at K-SURE in Seoul for Government-industry discussions on trade assistance measures for Korea’s biochemical and bioenergy sectors, with a view to nurture Korea into a global bioeconomy powerhouse. Representatives of nine bioeconomy firms and relevant associations attended the conference, including CJ CheilJedang, Samyang Innochem, SK EcoPrime and Korea Biotechnology Industry Organization. Trade Minister Ahn started by stating t date2023-05-09

Trade Minister chairs 1st Global Business Council meeting

Minister for Trade Dukgeun Ahn chaired the first Global Business Council meeting on May 3 at the Korea Chamber of Commerce and Industry (KCCI) to discuss the future policy direction for Korea’s semiconductor industry amid the rapidly changing trade environment. The meeting was attended by approximately 10 persons, including representatives of foreign-invested semiconductor companies. Geopolitical tensions, as well as supply chain crises caused by the COVID-19 pandemic, are spurring major date2023-05-09

MOTIE & Daejeon enter investment MOU with Merck Life Science

The Ministry of Trade, Industry and Energy (MOTIE) announced on May 3 that MOTIE, Daejeon Metropolitan City and Merck Life Science (“Merck”) signed an investment cooperation memorandum of understanding (MOU) for plans to establish a new bioprocessing unit in Korea for the Asia-Pacific region. According to the MOU, Merck will consider establishing a plant in Daejeon for producing biomedical raw and subsidiary materials for the Asia-Pacific region’s pharmaceutical and bio compan date2023-05-08

1st Vice Minister chairs Fabless Semiconductor Companies’ Export & Investment Review Meeting

Trade, Industry and Energy 1st Vice Minister Jang Young-jin chaired the Fabless Semiconductor Companies’ Export & Investment Review Meeting on May 2 at the Korea Chamber of Commerce and Industry (KCCI) and led discussions on export and investment prospects for Korea’s semiconductor industry and gathered industry opinions from attending representatives of relevant associations, R&D institutions and firms. The semiconductor industry representatives forecast that demand for ser date2023-05-08

Trade Minister chairs 33rd Trade Promotion Committee meeting

Minister for Trade Dukgeun Ahn chaired the 33rd Trade Promotion Committee (the “Committee”) meeting on May 1 at the Government Complex Sejong and led discussions on plans for the third round of official negotiations for the Indo-Pacific Economic Framework for Prosperity (IPEF), ninth official Korea-Ecuador Strategic Economic Cooperation Agreement (SECA) negotiation round outcomes, Asia-Pacific Economic Cooperation (APEC) trade ministers’ meeting preparations and progress on int date2023-05-04